NSE rakes N105 million Fines in 2013

The Nigerian Stock Exchange, NSE, realised about N105 million from fines imposed on listed companies and stockbroking firms for breaching its rules and regulations in 2013.

Oscar Onyema, chief executive officer of the exchange, who disclosed that quoted companies paid N61.2 million as penalties while stockbroking firms paid N43.5 million explained that listed companies and dealing member firms usually pay penalties for offences ranging from late filing of results and returns, non-disclosure of information and unauthorised publication of information among others.

During the review of 2013 and an outlook of the new year, the NSE boss noted that throughout 2013, the regulator focused its priorities on enforcing the rules that govern the market, providing enabling platforms to operate an efficient market, and ensuring a higher level of transparency in the market.

“To increase the level of compliance and integrity in the market, the NSE launched the first-ever electronic issuers’ portal, X-Issuer, in the Nigerian capital market. Today, issuers submit financial and other material information to the market quickly and efficiently from the comfort of their offices,” Onyema said.

He added that the exchange would strive to enhance its value proposition in order to succeed in 2014 by maintaining a strong regulatory framework. As countries in developed markets emerge from their economic troubles, he is optimistic that the Nigerian capital market would be impacted by shifts in investor demands.